New Jersey battles over tax on millionaires

[cory777]

Source: Reuters

PHILADELPHIA (Reuters) – New Jersey politicians are due to battle on Monday over whether to slap a tax on millionaires or cut services for low-income senior citizens and the disabled.

The clash in the state legislature is part of a wider battle over how to erase a $10.7 billion budget deficit and is emblematic of the decisions facing states across America whose budget deficits have soared during the recession.

Democrats want to re-impose a one-year tax on millionaires that has been vetoed by Republican Governor Chris Christie. The 10.75 percent tax on income above $1 million would hit 16,000 people, some of them likely to work as financial professionals just across the Hudson River in New York.

Both houses of the legislature, which are controlled by Democrats, previously approved the tax in May but it was immediately vetoed by Christie, who has pledged not to raise taxes.

Read more: http://news.yahoo.com/s/nm/20100620/us_nm/us_newjersey_millionaires

[RKP5637]

1. I had an idiot republican tell me one day we can't tax the really wealthy too

much because they will take their money and move to other countries. I was speechless, my mind just flooded with WTF. So I told him that would be the best thing for the US, we would recover just fine, wealth does not have any real correlation to intelligence and resourcefulness, the country would do just fine without them and good riddance... now he was speechless. ...clearly was a product of too much Fox and Beck, it rots ones brain.

[latebloomer]

2. That's exactly what the repubs are saying in New Jersey

except that they're saying the rich, if taxed more, will move to other states, taking their businesses with them.

[no_hypocrisy]

4. They aren't going anywhere if they work in NYC.

1. Not Rockland or Orange County in NYS. Not affluent enough and not enough status.

2. Not Connecticut. Too far to commute and then there's MetroNorth.

3. Not Long Island. Long Island Railroad. 'Nuff said.

4. Not Pennsylvania. 2-3 hours driving.

[Lucky Luciano]

6. They can move to CT. I live in NYC, but I actually commute to Stamford by train! nt

[KillCapitalism]

21. Let them go to China.

They can engage in predatory capitalism there all they want.

[Dont_Bogart_the_Pretzel]

24. I wonder how many of them made their millions via China and other outsourcing businesses?

[JDPriestly]

12. And where would these wealthy people go?

In Europe they would have to pay higher taxes than they pay here. They wouldn't be safe in most parts of South America -- and besides, how's their Spanish?

Asia? That would get very tiring after a while.

The Bahamas? Again, same old, same old after just a few years.

There really isn't anyplace to go that is as good as the USA.

[liberalmike27]

13. All that crap about moving

Total BS. Nothing but. What, going to leave that fantastic job, that puts you among the highest paid people on the planet, quit to avoid taxes?

And we need to bring back some corporate taxes, some tariffs on incoming goods too. If they move, so they don't hire workers here in America anymore, that pay taxes, then tax the shit when it comes back into America, where it brings the price up to domestic production of said product. Time to stop them from screwing us all. Truth is, they are the only ones that can pay W/O screwing up the economy. Certainly didn't work to bring more jobs, did it, giving the rich tax cuts. We're worse off that we've been in 30 years, and the only reason it didn't happen ten years ago is because of easy credit.

[hedgehog]

19. I'm with you on that. I never studied economics, but it seems to me there

should be a rule somewhere (if there isn't already) indicating that economies get really out of whack when there is a small group controlling most of the wealth. It didn't work for the Soviets to have central government planners control the economy. Why should it work for us to have a small number of uber-rich control ours?

There was a report last summer indicating that health indices such as infant mortality, life expectancy etc are less dependent on how rich a country is in total , but in how great the income disparity is from the richest to the poorest. What was really interesting was that the rich couldn't buy better health for themselves. Moderate income and poor people living in some so-called Third world countries were better off health-wise than rich people in the US.

So, in terms of quality of life, the uber-rich might well be better off if they paid higher taxes. We should label a sur-tax on the rich a co-op fee!

[JDPriestly]

22. Agreed, liberalmike27.

[RKP5637]

18. Very true. The R talking points are so very illogical.

[Lucky Luciano]

3. I am surprised that only 16,000 people make over $1MM in NJ with

Wall St so close.

[Synicus Maximus]

9. Most millionaires don't make a million dollars in income a year.

[Lucky Luciano]

11. I know, but it seems like a lot of people here make a bloody fortune each year! nt

[defendandprotect]

5. Again, find it hard to believe this guy was ever elected -- !!!

[defendandprotect]

7. See . . .

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8599463

[SharksBreath]

8. He already raised taxes on Senior Citizens

who voted for him in mass.

He promised them he would increase the home rebate check which they receive for their real estate taxes.

After he got elected he completely stopped the program.

So every senior citizen who would have received the check got nothing.

While their real estate taxes went up.

Double whammy.

He's also in the process of killing the school system.

He's declared war on teachers.

You should hear some of the stupid comments on the Daily News web site.

You actually have people saying they don't want their taxes going to pay for schools because they don't have children.

So glad these people think about the people who paid for them to get an education in one of the best school systems in the country.

They act like they were never born and benefited from those taxed.

[FailureToCommunicate]

10. "Slap a tax on millionaire$ or cut services for senior and disabled" What ever is a Dem

to do? Such a tough decision...
' Slap a tax' indeed. They should be saying 'Barely changing a portion of the tax breaks the millionaires have received over recent decades'.

[rpannier]

14. Republicans stand with the millionaires

Why am I not surprised

[SkyDaddy7]

15. I have read the Bible many times...

Especially the New Testament...And if I am not mistaken Jesus never mentioned gays or abortion but he did obsess about helping the poor & elderly while demonizing the rich...However, the Republicans have successfully convinced at least half this nation that the exact opposite of what Jesus taught is what Jesus really intended.

[rpannier]

16. You're thinking of that other Jesus

Republicans are thinking of supply-side Jesus

[whopis01]

20. Oh - I always get supply-side Jesus and trickle-down Jesus confused. n/t

[old mark]

17. Christie is a real GOPig-he will be the model for all republicans elected

to any office in the near future....
16,000 millionaires vs. a million or so old and disabled? Guess who wins THAT contest in republicanland...

You elected the fat bastard, New Jersey---you are stuck with him for a while.

mark

[LiberalFighter]

23. Simple solution to avoid paying THAT tax.

Take a cut in pay.